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论文编号：	1315
作者编号：	043107
上传时间：	2009/12/20 22:26:44
中文题目：	我国上市公司财务冗余政策的经济后果研究
英文题目：	The Study on Economic Consequences of Financial Slack Policy in Chinese Listed Companies
指导老师：	齐寅峰
中文关键字：	财务冗余,负债冗余,现金冗余,融资约束,代理成本
英文关键字：	Financial Slack,Spare Debt Capacity,Excess Cash Holding,Financial Constraint,Agency Costs
中文摘要：	本文研究企业财务冗余政策的经济后果。财务冗余是企业低风险资金需求的主要来源，是企业财务灵活性的直接体现，财务冗余由现金冗余和负债冗余组成，二者分别归类为组织冗余中可利用冗余和潜在冗余，即流动性最强、易于获得的冗余资源以及管理者预留、可以经过努力实现的剩余负债能力，这种界定方法与其它组织冗余资源概念的提法以及相关实证结论相吻合。为了对财务冗余的经济后果进行全面了解，有必要将现金冗余和负债冗余纳入到统一的财务冗余整体框架下进行系统研究。 本文对财务冗余及其构成的研究文献进行回顾，对我国的相关制度背景进行分析。然后梳理财务冗余研究的基础理论，探讨财务冗余概念界定与组织冗余类别的内在联系，在此基础上对财务冗余的存在的动机进行理论解释，明确财务冗余经济后果的研究内容，并分析融资约束、代理冲突、产品市场竞争和经济环境不确定等组织、环境特征对企业财务冗余经济后果的影响机理，提出财务冗余经济后果实证研究的分析视角。 本文以我国上市公司为研究样本，对财务冗余政策的经济后果及其影响因素进行实证研究。研究结论包括以下几方面： （1）我国上市公司的财务冗余政策具有经济后果。 整体财务冗余以及现金、负债两类冗余资源会促进企业的投资支出，对企业业绩和市场价值具有正向的影响，符合组织行为理论对冗余资源的正面作用观点和财务灵活性假说。 （2）上市公司的代理问题影响财务冗余政策的经济后果。 现金冗余和负债冗余在形成配置过程中受到企业主动支配的程度不同，现金冗余的使用更容易受到决策者酌意的影响。 国有机构控股企业具有的各种冗余资源优势和政府背景，为财务冗余（尤其是负债冗余）的充分使用提供了保障，国有机构控股企业在将现金冗余用于投资支出上表现得更为激进。国有机构控股股东的身份对财务冗余-业绩相关性产生正向影响。 经理人代理问题对财务冗余的价值效应产生显著负向影响，对财务冗余-投资（业绩）相关性的负面影响受到企业面临的融资约束程度和产品市场竞争程度等组织特征的制约。融资环境较好的企业，财务冗余资源（尤其是现金冗余）更容易受到经理人代理成本的影响，产生对财务冗余-业绩敏感性的负向影响，竞争程度低的行业的上市公司中，财务冗余资源（尤其是负债冗余）的使用更容易受到经理人代理成本的影响，更激进地用于投资支出。 （3）融资约束程度影响财务冗余政策的经济后果。 融资约束程度对财务冗余-投资的相关性均产生显著负向影响，同时对财务冗余资源和业绩的相关性产生显著正向影响，说明高融资约束程度提高了对企业项目的可行性的要求，财务冗余资源的配置结果带来了更好的绩效表现。 （4）产品市场竞争程度影响财务冗余政策的经济后果。 激烈的产品市场竞争会加速企业现金冗余在投资决策中的支出，说明具有现金资源优势的企业能够通过扩大投资应对竞争对手的掠夺性战略。产品市场竞争程度对财务冗余的价值效应产生显著正向影响。 （5）环境不确定性影响财务冗余政策的经济后果。 以房地产行业为例，说明受国家宏观政策影响较大、经营环境不确定性强的企业，保持长期稳定的财务政策，可以维持企业平稳的投资决策安排，并具有较好的业绩表现。 财务冗余资源在经济不确定时期对企业业绩的作用表现出与经营平稳期不同的特点，与财务冗余资源在企业经营平稳期对业绩的提升作用不同，长期采取财务保守政策的企业拥有的冗余资源加剧组织惯性的形成，会降低企业在经济环境剧烈震荡时期对外界环境变化的反应能力。
英文摘要：	This dissertation studies the economic consequences of company financial slack policy. Financial slack is the main resource of capital demand with low risk, and it reflects the company’s financial flexibility directly. The research of financial slack can be divided into two sides, including available financial resources and potential financial resources, which are studied through excess cash holding and unused debt capacity of the company respectively in this dissertation. The former is the most liquid assets in the company, and the latter is potential and it could be obtained with some effort. This way of classification is proved to be effective in the previous empirical literature and it is consistent with the reality. And for the purpose of a thorough understanding of the economic consequences of financial slack, it is necessary to study the both aspects of the financial slack - the excess cash holding and spare debt capacity systematically. The content of the dissertation is organized as follows. Firstly, the literature on conception and constitution of slack and others related are reviewed; secondly, the institution background of our country is analyzed; thirdly, after the related fundamental theory, the definition of slack in this paper and the relationship between these two parts of financial slack are introduced respectively; and on the basis of these analysis above, fourthly, the analysis of the causes of the slack is analyzed, and the content of the economic consequences is clarified; finally, the empirical research is conducted in the view of financial constraints, agency conflict, the competition in the product market and the uncertainty of surroundings. The main conclusions are as follows: The financial slack policy influences the economic consequences of the listed companies in China. The variables of financial slack, the excess cash and the spare debt have promoting effect to the capital expenditure, and positive effect to the performance and market value of the company. This is consistent with the positive view of slack in the organization theory and the hypothesis of financial flexibility. The agency problem influences the economic consequences of financial slack. The excess cash holding and spare debt play the different roles in the process of resources deployment, and the excess cash holding is more apt to be used discretionarily. The companies with ultimate holder of government institution have different forms of slack resources and the paticular characteristics of government conception, which is guarantee to the effective use of financial slack (especially for spare debt). And these companies have more aggressive investment policy and better consequences of slack in performance. The agency problem of manager has significant negative influence to the value of company; and the degree of negative influence to the investment or performance is alleviated by the degree of the financial constraint and the competition of product market etc. This means that financial slack (especially for excess cash holding) is more tend to be negatively influenced by the agency problem in the companies with better financing capacity. The slack is more easily converted to the investment in the companies with more intense competition because of agency. The degree of financial constraint influences the consequences of financial slack. The degree of financial constraint has a negative impact to the sensitivity of slack to the investment, and positive impact to the correlation of financial slack and performance, which suggests that the larger degree of financial constraint will make the companies have more strict criteria of investment, and better deployment of financial slack. The intense competition in product market will accelerate the capital expenditure, which means that the companies with more excess cash can expand the investment to deal with the aggressive strategy of competitors. And the degree of competition has significant positive consequences to the company value. With the case study of real estate industry, it is suggested that the stable financial slack policy can maintain a steady capital expenditure and even a better performance if the companies in a dynamic environment are regulated frequently by the state. Compared with the stable times, the financial slack plays a different role to the performance in the recession times. The companies with persistently conservative policy have more obvious organization inertia, which can weaken the companies to take action to the dramatic changes of dynamic environment.
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